We have CIELAB for expressing colour in absolute form. This could always be used to express an intended colour.
However you are correct Pantone is entrenched as it is based on a simple set of formulas for easy mixing by print shops, this is also cemented into various systems that take premixed pantones directly (eg HP Indigo). Pantone also extends into neon and metallics where LAB of course doesn’t exist.
Declaring arbitrary CMYK or RGB values without including a corresponding colour profile will produce inaccurate results across different devices/output methods due to variation (hence why we have colour profiles.)
This change will just likely lead to more colours being specified as arbitrary rgb and cmyk values with accuracy be damned, which is a trend of new style guides for the last few years (also due the rise of trademarking colours).